KARACHI – Gold prices plunged significantly in domestic market of Pakistan on Thursday after recording massive gains.
Data shared by All Pakistan Gems and Jewellers Association showed per tola price decreased by Rs3,000 to close at Rs304,000.
Similarly, the price of 10-gram gold fell by Rs2,571 with new rate settling at Rs260,630 in local market.
The bullion rates in international market also recorded losses as per ounce price decreased by $28 to settle at $2,893.
A day earlier per tola gold price moved up by Rs700 to settle at Rs307,00 while the price of 10-gram gold climbed to Rs263,203 after witnessing gains of Rs601 in local market.
The recent fluctuation in gold prices comes amid ongoing trade war among leading economies of the world after US President Donald Trump started the trade war.
A day earlier, Canadian government came up with retaliatory tariffs that could lead to job losses and even more inflation in response to the new tariffs imposed by the United States.
The first phase, which targets $30 billion in American goods, comes into effect in retaliation against what PM Justin Trudeau calls ‘unjustified tariffs’ imposed by Trump-led administration.
Prime Minister Justin Trudeau has pledged government support to help businesses cope with the economic impact. Canadian countermeasures could expand to include additional products worth $125 billion, with public consultation period for the new list. Canada’s decision follows a long-standing and successful trade relationship with the neighboring US and aims to push Washngton to look into tariff policies.
